Home Market NIIT Q1 net profit up 73% to Rs 17.9 crore

NIIT Q1 net profit up 73% to Rs 17.9 crore

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New Delhi, Jul 26 () Skills development company NIIT today said its consolidated net profit for the June 2018 quarter grew by 73 per cent to Rs 17.9 crore, on the back of strong growth in its corporate learning business. The company's net profit stood at Rs 10.4 crore in the April-June 2017 quarter.

NIIT saw its revenues increasing by 2 per cent to Rs 214.3 crore in the quarter under review, as against Rs 209.9 crore in the year-ago period.

"NIIT's Corporate Learning Group business (CLG) continues to drive growth. It grew 28 per cent year-on-year during the quarter, added one new MTS customer and expanded operations with an existing client," NIIT Vice Chairman and Managing Director Vijay K Thadani said.

CLG recorded net revenue of Rs 150.6 crore, up 28 per cent year-on-year. The revenue visibility for CLG stood at USD 224 million, up 17 per cent YoY.

The Skills and Careers Group (SNC) recorded net revenue of Rs 54.8 crore during the said quarter.

Sapnesh Lalla, CEO at NIIT, said the company has announced four key initiatives in the SNC business.

"Each has gained momentum in Q1. TPaaS (Talent Pipeline as a Service) has eight mandates from key customers. StackRoute and Training.com are gaining traction with customers and the new career programs have shown encouraging early offtake," he said.

NIIT's MindChampion Learning Systems Ltd (MLSL) unit registered net revenue of Rs 8.8 crore during the quarter and added 123 school contracts.

At the end of June 2018 quarter, the company had about 3,665 employees.

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